LOL PGYC Patriot Energy Plagued by Dissident Shareholder
2009-05-18 11:12 ET - News Release
MONTREAL, QUEBEC -- (MARKET WIRE) -- 05/18/09
Patriot Energy Corporation (PINKSHEETS: PGYC) announced today that the company stock has been maliciously attached by a dissident shareholder.
According to trading report and recent issuances, it appears that Nino De Santis, the inventor of the company's technology has sold up to 20 million shares into the market creating the adverse affect on the share price and creating a panic sell amongst other shareholders.
"It is well known now that Mr. De Santis is not in favor with the transaction and/or our company, but these attacks need to stop immediately" said Tony Bisante, President and CEO of Patriot Energy Corp. "We have tried to settle with him many times over including issuing him 22 million restricted shares but it is clear that we will need to proceed against in the court of law." Further add Mr. Bisante.
These recent attacks comes shortly after the release of the recent all cash offer of $0.57 per share from Dubai based Marmara.
About Patriot Energy Corporation
Patriot Energy Corp. is a management holding corporation, which owns a wholly owned subsidiary named TelTeck Solutions and owns a 99 year exclusive leased license agreement with Tectane Technologies Corporation for the Dual H2O Engine Oxygenator and New Tri-Brid Engine (Electric/Flex-Fuels/H2O) Technologies. Patriot Energy specializes in the development and marketing of energy efficient technologies with a focus on reducing America's dependence on Foreign Oil.
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
Contacts:
Momentum IR
Max Gagne
514-913-0351
877-253-7001
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